“In no way will I take under consideration this, shall we say, suggestion,” Rousseff responded.

The President added that inflation is under control in Brazil, and unlike Europe, the country is not suffering a sovereign debt crisis.

Brazil managed to take Britain’s spot as the world’s sixth-largest economy last year, behind the US, China, Japan, Germany and France

In 2011 GDP totalled $2.469 trillion (£1.568 trillion) in Brazil, while UK GDP was $2.420 trillion for the same year.

Brazil’s current Finance Minister has been one of the fiercest critics of the asset buying programs that Western central banks have been using to shore up their economies.

Earlier in September 2012, Mantega had warned that the US Federal Reserve’s “protectionist” move to roll out more quantitative easing will reignite the currency wars with potentially drastic consequences for the rest of the world.

The publication belongs to the Economist Group, which is half owned by the Financial Times.

57 founding members, many of them prominent US allies, will sign into creation the China-led Asian Infrastructure Investment Bank on Monday, the first major global financial instrument independent from the Bretton Woods system.

Representatives of the countries will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said on Thursday. All the five BRICS countries are also joining the new infrastructure investment bank.

The agreement on the $100 billion AIIB will then have to be ratified by the parliaments of the founding members, Chinese Foreign Ministry spokesman Lu Kang said at a daily press briefing in Beijing.

The AIIB is also the first major multilateral development bank in a generation that provides an avenue for China to strengthen its presence in the world’s fastest-growing region.